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Tencent Music revenue grows as live entertainment and audio expansion pick up
The company reported RMB 8.9 billion in Q2 revenue, with cash, deposits and short-term investments rising to RMB 44.2 billion from RMB 41.0 billion three months earlier.
Tencent Music Entertainment Group, trading as TME on the NYSE, said its Q2 2026 results showed momentum beyond streaming as it expands into live entertainment, merchandise, and its audio platform business. The company reported total revenue of RMB 8.9 billion, up 6% year over year, helped in part by the newly consolidated Ximalaya contribution of roughly RMB 0.4 billion.
Music-related services revenue rose 11%, and membership revenue increased 8% to RMB 4.8 billion, while management highlighted live entertainment and artist merchandise as the fastest-growing parts of the business. It pointed to large audience turnouts across multiple cities, including a stadium tour opener in Xi'an drawing more than 30,000 fans, and other sold-out arena performances in Hangzhou and Shenzhen.
Tencent Music also detailed growth across its own concert franchise TIMA, which moved to a larger Hong Kong venue this year and more than tripled audience capacity versus last year's event. It cited fan meetings in Macau for an SM Entertainment trainee group drawing tens of thousands of attendees alongside strong merchandise sales, and said it invested in The Black Label to expand artist promotion and merchandise collaboration.
On profitability and balance-sheet strength, the company reported adjusted EBITDA up 5% to RMB 3.3 billion, non-IFRS net profit attributable to equity holders rising to RMB 2.5 billion from RMB 2.4 billion, and IFRS net profit climbing 4% to RMB 2.7 billion. Tencent Music also reported combined cash, deposits and short-term investments of RMB 44.2 billion, and said it repurchased 43.5 million shares for $400 million during the quarter under a program it expects to complete on schedule, according to Yahoo Finance.